In the present work, exergy analysis of a coal-based thermal power plant is done using the design data from a 2 10 MW thermal power plant under operation in India. The entire plant cycle is split up into three zones for the analysis: (1) only the turbo-generator with its inlets and outlets, (2) turbo-generator, condenser, feed pumps and the regenerative heaters, (3) the entire cycle with boiler, turbo-generator, condenser, feed pumps, regenerative heaters and the plant auxiliaries. It helps to find out the contributions of different parts of the plant towards exergy destruction. The exergy efficiency is calculated using the operating data from the plant at different conditions, viz. at different loads, different condenser pressures, with and without regenerative heaters and with different settings of the turbine governing. The load variation is studied with the data at 100, 75, 60 and 40% of full load. Effects of two different condenser pressures, i.e. 76 and 89 mmHg (abs.), are studied. Effect of regeneration on exergy efficiency is studied by successively removing the high pressure regenerative heaters out of operation. The turbine governing system has been kept at constant pressure and sliding pressure modes to study their effects It is observed that the major source of irreversibility in the power cycle is the boiler, which contributes to an exergy destruction of the order of 60%. Part load operation increases the irreversibilities in the cycle and the effect is more pronounced with the reduction of the load. Increase in the condenser back pressure decreases the exergy efficiency. Successive withdrawal of the high pressure heaters show a gradual increment in the exergy efficiency for the control volume excluding the boiler, while a decrease in exergy efficiency when the whole plant including the boiler is considered. Keeping the main steam pressure before the turbine control valves in sliding mode improves the exergy efficiencies in case of part load operation. Copyright (c) 2006 John Wiley & Sons, Ltd.